Weekly Tip: End of the Year Reminders

 

Weekly Tips

End of the Year Reminders

12/17/2015

The Insurance Compact wanted to apprise all company filers of a few housekeeping items as we wrap up this year and head into next year.

First, the Insurance Compact is currently accepting the Annual Registration submissions for 2016. As noted in the Terms and Procedures for IIPRC Filing Fees, the Insurance Compact Annual Registration Fee is due at the start of the calendar year. All filers must register in order to utilize the Insurance Compact's one-stop filing platform. More information regarding the required Annual Registration Fee for companies may be found on the Schedule of Fees located on the Insurance Company Resources page of the website. So make sure that you register before heading out to enjoy the holidays this week!

Second, as a reminder, remember that the form numbers submitted need to reflect the year in which they were submitted for review. Therefore, forms with a 2016 implementation or launch date that are submitted for review during 2015 should use the ICC15 prefix. Forms submitted after January 1, 2016 will need to use the ICC16 prefix. Please also be aware that form numbers may not be variable and so may not be bracketed. Compact requirements for form numbers are clear and are found in the same location in all of the Uniform Standards, including those for Long-Term Care advertising.

Third, another reminder, certain filing fees will change effective January 1, 2016 so be sure to check out the Compact Filing Fee Schedule Effective 1/1/16 found on the Insurer Resources page of our newly-updated website www.insurancecompact.org. Filers continue to receive tremendous value in preparing and submitting one filing for one review and approval under uniform standards especially the post-approval benefits of testing and deploying standard product forms in up to 44 Compacting States. In 2015, we added more reviewer resources to deliver not only speed-to-market in review times but also to be available to filers both before and after product submission to provide guidance, tools and resources to ensure your submission is as compliant as possible which directly affects the time in the Compact’s review operations.

Lastly, we would like to wish everyone a very merry holiday season! The Insurance Compact Office will be closed on Thursday, December 24th as well as Friday, December 25th. We look forward to working with everyone after the Christmas holiday and into the New Year!